Becoming an entrepreneur is both exciting and testing. Launching a new business can get overwhelming considering all the preparations it involves.
That’s where a business startup checklist comes in handy to plan every step of your business systematically.
A Step-By-Step Business Startup Checklist
Here is a handy business startup checklist every entrepreneur should refer to kickstart their business and run it smoothly.
1. Assess the Market
Whether your business will be an LLC, sole proprietorship, or partnership, market research is absolutely necessary.
By assessing the market size, potential competitors, product-market fit, and market demand, you will be able to position your products or services in the most appealing manner to your target customers.
2. Develop a Business Plan
How do you want your business to run? An entrepreneur must develop a business plan which doubles up as a roadmap for launching their business.
A financial plan, product or service offerings, market analysis, go-to-market analysis, marketing plan, and growth projection are all integral parts of your business plan.
3. Finalize a Business Name
So, you are starting a business. What would you like to name it? Business name is your brand identity, make it memorable.
Focus on selecting a name that is easy to spell, unique, and abides by the state regulations.
4. Registering Your Business
Up next is registering your business. This process legally makes you eligible to start a business. You can choose your business type as a sole proprietorship, partnership, LLC, or corporation.
The registration process will also change based on your business structure.
5. Wait for Your EIN
Once your business registration is completed, the next step in your business startup checklist is to file for an EIN.
Employer Identification Number is essential for any business to hire employees, receive funds, conduct financial transactions, and so on.
6. Opening a Business Bank Account
Every business needs a bank account to send and receive money. To open such an account, you need:
- Your ID
- Business formation documents
- Ownership agreements
7. Getting Other Permits
Now, a business startup checklist can not be complete without mentioning the other permits you need to acquire for your business.
You need permits for construction, zoning, etc. You should also get a fire permit, sales tax permit, and environmental permit before being open for business. These permits may change based on your state.
The checklist doesn’t end here. Check out the below infographic designed by GovDocFiling that will help you get your business started.
Author Bio⇒ Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young. He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.
Main image source: BigStockPhoto.com (Licensed)
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